Lowe's Will Pay $55 Million in Bonuses to Hourly Workers to Fight Inflation

Some Lowe's workers have a bonus coming their way.

Inflation is impacting bank account balances across the country. But retail workers are more likely to face financial difficulties due to higher-than-normal prices.

The good news is that some companies are offering their employees bonuses and other incentives during this time. Lowe's is one brand that will do so. The company has committed to paying its hourly workers $55 million in bonuses.

Last week, Lowe's shared its second-quarter sales and earnings results.

Lowe's chairman, president, and CEO Marvin R. Ellison also gave remarks. As part of his commentary, he mentioned what the company would do to help employees.

To help fight inflation, he noted that Lowe's would pay $55 million in bonuses to thank hourly workers for their commitment and hard work.

With a current annual inflation rate of 8.5%, any extra money paid out in bonuses will likely make a big difference for hourly employees struggling financially.

Six tips to fight inflation

If inflation is hitting your finances hard, you're not alone.

While a bonus or raise can be a nice way to boost your income during periods of high inflation, that may not always be possible. If you've asked for a raise or know that one isn't coming your way, there are other steps you can take to handle rising prices.

Here are six tips to fight inflation:

1. Find ways to boost your income. Consider getting a side hustle, taking on a part-time job, or selling extra items around your home to increase your income. With more money, it will be easier to handle higher prices.
2. Eliminate unnecessary spending. If money is already tight, it can be challenging to afford higher prices. But you may be able to reduce your spending. Using a budgeting app is a great way to track your spending to see where you can trim spending.
3. Negotiate your bills. Now is an excellent time to revisit your monthly bills. You may be able to negotiate some bills, like your home internet or cable bills. Don't be afraid to check in and ask if you can qualify for a better rate.
4. Look for better-paying opportunities. If your full-time job isn't cutting it with today's prices, it may be time to look for a new job with better pay and benefits. If you're willing to part ways with your current employer, commit extra time to applying for other jobs.
5. Continue to contribute to emergency savings. If you have a bit of extra cash left over after your bills are paid, continue to contribute to your emergency fund. Extra money can make a difficult financial situation easier to stomach.
6. Shop with a plan. If you're going shopping, always go in with a plan. Having a shopping list and an idea of how much money you plan to spend is a good idea. This way, you'll be less likely to throw unnecessary items into your cart. Weekly ads are a great tool to help stay on budget as you plan your next shopping trip.

For additional tips, check out our personal finance resources.